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LegalNewsOklahomaReserve Study Industry

Oklahoma reserve study laws may come sooner rather than later?

Bill HB 3060 was introduced in February 2020 to address the need for property owner associations to plan, update and fund for replacement costs that exceed $50,000. The legislation if passed will require associations to conduct a reserve study every 5 years and annually review and budget for reserves. We will monitor to see how the Bill progresses, although it is a giant step in the right direction.

You can read about the bill at the Oklahoma State Legislature.

 

Published on May 19, 2020